Ghana’s public debt rises to GH¢674.1bn in February 2026

Ghana’s total public debt climbed significantly to GH¢674.1 billion in February 2026, according to the latest Summary of Economic and Financial Data released by the Bank of Ghana.

The new figure represents an increase from the GH¢663.4 billion recorded in January 2026, highlighting continued borrowing pressures amid government financing needs and ongoing economic management efforts.

In dollar terms, Ghana’s debt stock also increased to US$63.1 billion in February 2026, up from US$61.3 billion recorded in December 2025.

Despite the rise in the country’s overall debt burden, the latest data showed some improvement in Ghana’s debt sustainability indicators. The debt-to-GDP ratio declined to 42.2 percent in February 2026 from 44.7 percent in December 2025, suggesting stronger economic growth and improved output relative to the size of the debt stock.

Economic analysts say the decline in the debt-to-GDP ratio may signal gradual progress in the country’s fiscal consolidation efforts and macroeconomic recovery programme.

According to the Bank of Ghana report, external debt stood at US$29.3 billion in February 2026, representing 19.6 percent of Gross Domestic Product (GDP).

Domestic debt, however, recorded a sharp increase, rising to GH¢360.4 billion in February from GH¢341 billion in January 2026. The domestic debt stock accounted for 22.6 percent of GDP.

Financial experts attribute the rise in domestic debt largely to the government’s continued dependence on the local financial market to finance budgetary operations, manage liquidity needs, and support economic recovery measures.

The data also pointed to signs of improving fiscal performance.

Ghana recorded a primary surplus of 1.2 percent of GDP in March 2026, indicating that government revenue exceeded expenditure excluding interest payments on debt. Meanwhile, the fiscal deficit-to-GDP ratio stood at 0.3 percent, reflecting tighter fiscal management and expenditure controls.

The latest economic figures come at a critical period as Ghana transitions from its International Monetary Fund (IMF) bailout programme toward a Policy Coordination Instrument (PCI) arrangement aimed at sustaining fiscal discipline, strengthening macroeconomic stability, and supporting long-term economic reforms.

Analysts believe the improving debt ratio, rising reserves, and stronger fiscal balances could help restore investor confidence, stabilise the local currency, and enhance Ghana’s ability to access international capital markets in the future.

However, economists have also cautioned that sustained fiscal discipline, prudent borrowing, and stronger domestic revenue mobilisation will remain crucial in maintaining debt sustainability and preventing future debt vulnerabilities.